‘Locating my business in rural Ireland has been very difficult’
Louise McGuane has come a long way since she was paid with a Choc Ice for working on the family farm at the age of 10. After a jet-setting career with top drinks companies, she has now turned that Clare farm into a ‘whiskey bonder’ and has just launched the most expensive Irish whiskey brand now for sale – JJ Corry’s The Chosen – selling for €7,600 a bottle. It has already sold out, she says.
Why on earth would anyone pay €7,600 for a bottle of whiskey?
Well someone just paid $1.2m for a bottle at auction recently! Those who appreciate craftsmanship and quality will pay whatever they think something is worth. It’s a personal choice. Luxury is not rational, it’s emotional. Like why buy a Maserati when a second-hand Ford Fiesta will also get you from A to B? It’s the same rationale.
Briefly explain whiskey bonding.
Up until about the 1930s most whiskey in Ireland was sold by bonders. They were in every small town in Ireland. They were like grocery stores/pubs. Each bonder would source whiskey from their local distillery and custom blend it for their clients. You can still see the term ‘Whiskey Bonder’ written over doors in many pubs around the country. We’ve brought that trade back. It died out totally and we are the first to do it.
Why do it on a farm in Clare, (where JJ Corry is based)?
Because I wanted to ensure the family farm had a future. Neither my brother nor I are farmers. However, I want the farm to stay in the family. This business allows for that. I also want to bring business to west Clare which badly needs it. I don’t make the whiskey because by sourcing it from multiple distilleries I can build a library of flavours to blend with and that will make for more unique whiskeys.
You’ve been described as the first female whiskey entrepreneur. Why are so few women involved?
I’ve worked in multinational drinks firms on high-end spirits and wines my entire career, so I decided to apply my skill set to my own whiskey business and do it for myself back home instead of someone else.
The reality is that the Irish whiskey industry is a bit of a boys’ club. I’m not that sure women have been entirely welcome up until now. I’m hoping to help in continuing to change that, I hire a lot of women.
Is Ireland a good place to do or set up business?
In some ways, yes. We have had great support from Bord Bia but locating my business in rural Ireland has been very difficult. We have no broadband or infrastructure to speak of. That makes running a global business more costly and challenging than it might be in Dublin, which seems to get all the focus for meaningful funding.
What’s your favourite tipple (apart from your own whiskey)?
Apart from whiskey it’s an IPA (India Pale Ale) from Western Herd, our local Co. Clare brewery.
Your guilty treat?
A Toffee Crisp.
What was the first paid work you ever did?
My father paid me to empty bags of manure into the spreader with my brother when I was about 10. I got 20p for a Choc Ice. It was the first and last time he paid us for work on the farm. My next job was mucking out stables.
Have you ever struggled to make ends meet?
Most of my early adult life and every single day since I founded the business. I quit my job and spent all my savings to build it. Launching a luxury whiskey is not cheap.
Have you ever been paid silly money?
Yes, in my corporate days. I had huge expense accounts that, looking back, were ridiculous.
What was the best year of your financial life?
Probably 2013 when I moved to Singapore and paid 12% income tax on an ex-pat multinational salary.
What is the most expensive thing you bought for fun?
A piece of art.
What was your biggest money mistake?
I got a credit card in my 20s and didn’t pay it on time. I cancelled it and paid it off. I have never had one since. I’m not a fan of them. Buy what you can really afford and nothing more.
Name three things you would you do if minister for finance?
I’d invest in broadband, public transportation, and attracting business and job creation in rural Ireland.